At some point in your business, your success will be your downfall. That’s when you’ll more or less max out the amount of profit you can make coaching or consulting. After all, there are only so many hours in a day.
In order to continue to grow, you need to create new products or explore new markets.
Here are some tips to expanding your business to make more money:
Start offering more products that align with your coaching or consulting practice.
If you’re already successful in marketing your coaching program, the first place to look to expand your profits is through adding products to your offerings.
Research has shown that it’s between two and seven times easier to sell an existing customer than to acquire a new customer. Take the low hanging fruit first, before going for the more difficult prizes.
So where can you look for new product ideas in your current market?
Begin by asking what other problems your customers have that your current product doesn’t solve.
For example, say you sell a workout DVD set. Your customers are building more muscles, but they don’t have their nutritional health in line yet. So you might decide to come out with a product that addresses the dietary side of things.
Alternatively, you can just ask your customers. Create a survey online and ask what kind of products they’d like you to offer.
Find Brand New Markets
Sometimes you’ll need to explore brand new markets. This is important if your current market is dying, or if you’ve capped out the amount of profits you can make in your current market.
How do you decide what markets to explore? Start by taking a look at your competitors. Where do they tend to expand into? If others are making it work, chances are you can too.
What other kinds of businesses or products have natural synergy with your company? For example, if you sell energy efficient lightbulbs, you might want to also look into selling solar lights.
Taking time to re-evaluate and expand should be part of your business
You should regularly be asking yourself: What else can we offer? The more products you offer, the more opportunity you give your customers to spend money with you.
My suggestion is every 4 months, look for ways to expand your business. Schedule time to do the research, or it won’t be done! And if you want some ideas to kickstart your research, get http://FreePassiveIncomeTips.com